The Indian government has increased the customs duty on crude and refined sunflower oil to 20% and 32.5%, respectively, effective from Saturday. The duty changes apply to crude palm, soyabean, and sunflower seed oil.
Customs duty on crude, refined sunflower and soyabean oil increased
The government has extended benefits to exporters using courier services, supporting smaller sellers on online platforms. Amendments by the CBIC to various tax neutralisation schemes will boost e-commerce exports. The new rules, effective September 12, aim to enhance flexibility and efficiency in supply chains, aligning with the Foreign Trade Policy 2023.
Commerce Minister Piyush Goyal launched two digital initiatives to assist exporters. The Jansunwai Portal provides necessary information and direct communication with officials, while the ERP portal of ECGC offers online services like claims and credit support. These measures aim to streamline export processes and enhance MSME exports.
India raises import tax on edible oils
1 year ago
India has increased the basic import tax on crude and refined edible oils by 20 percentage points to support local oilseed farmers. This change will raise the total import duty on these oils, potentially increasing prices and reducing demand for imports of palm oil, soyoil, and sunflower oil.
The government has extended export incentives through the courier medium to boost e-commerce shipments. Benefits like RoDTEP, RoSCTL, and drawback will now apply to all courier exports. Plans are also underway to extend these benefits to postal route exports, promoting a more equitable environment for e-commerce exporters.
The rush to avoid higher US tariffs on Chinese goods has led to a container shortage in India, as empty containers are being shipped to China. This has impacted India’s trade numbers for August and September. However, officials expect the situation to improve in the coming months, aiding Indian exports.
Trade and commerce between India and Bangladesh have resumed, with trucks carrying essential commodities. Indian High Commissioner in Bangladesh discussed mutual interests with Chief Advisor Muhammad Yunus. Projects by India in Bangladesh were impacted due to unrest but will resume when safe. The friendship pipeline project for high-speed diesel is operational since March 2023, though […]
The government aims to extend the duty remission scheme for exporters beyond September but is still awaiting approval for interest subvention from the finance ministry. The scheme, known as RoDTEP, is expected to continue to help maintain export competitiveness.
Soyabean oil imports hit seasonal high in August amid fall in local soyabean prices below MSP
1 year ago
India’s crude soyabean oil imports surged to 4,54,639 tonnes in August, while local soyabean prices fell below the minimum support price (MSP). The Solvent Extractors Association (SEA) suggested increasing import duties on edible oils to support farmers. Total vegetable oil imports declined to 15.63 lakh tonnes from 18.66 lakh tonnes a year ago.
Adani Ports and Special Economic Zone signed a concession agreement to develop Berth No. 13 at Deendayal Port in Kandla, Gujarat. The berth will handle multipurpose cargo and is expected to be operational by FY27. This development will enhance APSEZ’s capabilities on the western coast and service customers in Gujarat and north India.